Nigeria’s Macroeconomic Stability Sets Stage for Industrial Growth, Says Finance Minister

Nigeria’s economic climate has achieved newfound stability and is now ripe for investment, according to Wale Edun, the Minister of Finance and Coordinating Minister for the Economy. Speaking at the opening of the 2024 National Council on Finance and Economic Development conference in Bauchi on Monday, Edun expressed confidence that the administration’s reforms had laid a foundation for homegrown industrialisation and poverty alleviation.

Addressing participants gathered at the Bauchi Government House, Edun emphasised that Nigeria now boasts a sustainable, investor-friendly macroeconomic environment. He commended Bauchi’s governor, Bala Mohammed, for hosting the conference, stressing the importance of the discussions taking place. “Conversations here will build trust and foster an understanding of each other’s economic and financial needs, and the skills and resources available,” he noted.

Edun acknowledged that while President Bola Tinubu’s administration inherited both assets and liabilities, it has been proactive in stabilising the economy and encouraging private sector investment to drive productivity, create jobs, and alleviate poverty. He cited Tinubu’s decisive actions on fuel subsidies and foreign exchange reform as major steps towards economic sustainability, noting, “The President has stopped the economic bleeding that cost the country five per cent of its GDP annually, which primarily benefited a select few rather than the majority of Nigerians.”

He also pointed to significant progress in Nigeria’s petroleum sector. “We’re not simply shipping crude oil abroad but are refining it locally, producing petroleum products and raw materials that will fuel domestic industry,” Edun said. He argued that these changes would allow Nigeria to be competitive not only in the local market but also in exports.

Governor Bala Mohammed shared his pride in Bauchi hosting the event for the first time in 17 years, emphasising the value of collaboration in overcoming Nigeria’s economic challenges. “We have spared no effort to make this conference a success. Your presence here underscores your commitment to advancing Nigeria’s financial landscape,” he told attendees, urging them to engage constructively.

As Nigeria seeks to attract local and foreign investors, Edun reiterated that the path is clear for industrial growth. “We should be encouraged,” he concluded, “that we have a stable macroeconomic environment that will empower investors to produce competitively for the domestic market and beyond.”